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Input Tax Credit Rules
Transitional Provisions

Section 139 to 142 of CGST Act Provide for transitional provisions for shifting from existing tax system to GST. Existing registered persons will be given provisional registration under GST. Once they submit required details, the registration will be final. The procedure for granting provisional GST registration numbers has already commenced.

Transitory Provisions relating to stock with traders on 1-7-2017.

The dealers (traders ) are not liable to pay excise duty at present. If they are not eligible to get input tax credit of excise duty paid by them on stock with them on 30.06.2017, they would try to reduce their inventory as on 30.06.2017.

Similarly service providers who were not registered with State VAT would have stock of goods as on 30.06.2017, on which they will be liable to pay GST after 1.7.2017. They would also have tried to reduce their stock as on 30.06.2017.

Now, section 140 of CGST Act is quite clear that such dealers can avail input tax credit in respect of goods in stock with them as on 1.7.2017 on which VAT and /or excise duty has been paid and for which they have duty paying documents, which are less than 12 months old i.e. invoices issued on are after 1.7.2017 will be eligible for input tax credit.

Documentary requirements and conditions for claiming input tax credit.
The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely
  • An invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31.
  • An invoice issued in accordance with the provisions of clause (f) of sub-section (3) of section 31, subject to the payment of tax.
  • A debit note issued by a supplier in accordance with the provisions of section 34.
  • A bill of entry or any similar document prescribed under the Customs Act, 1962 or rules made there under for the assessment of integrated tax on imports.
  • An Input Service Distributor invoice or Input Service Distributor credit note or any document issued by an Input Service Distributor in accordance with the provisions of sub-rule (1) of rule 54.
  • Input tax credit shall be availed by a registered person only if all the applicable particulars as specified in the provisions of Chapter VI are contained in the said document, and the relevant information, as contained in the said document, is furnished in FORM GSTR-2 by such person.
  • No input tax credit shall be availed by a registered person in respect of any tax that has been paid in pursuance of any order where any demand has been confirmed on account of any fraud, willful misstatement or suppression of facts.
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